An cryptocurrency project based on Ethereum that has been relatively quiet for some time is currently seeing an extraordinary rally, outperforming the rest of the crypto markets.
The Stratis Platform is an Ethereum-based, decentralized blockchain platform on which Microsoft developers can build applications.
The Stratis code is based on the Bitcoin (BTC) architecture, but it incorporates its own proof-of-stake (POS) implementation to create a more energy-efficient blockchain.
STRAX, Stratis’ native token, has increased by 103 percent in the last 24 hours, following a rally that reached 160 percent at one point.
While the exact source of the Stratis Platform rally is unknown, STRAX skyrocketed just minutes after the project released a slew of upgrades, including a new non-fungible token (NFT) ticketing system.
According to the statement, Stratis is working on a ticketing management system that will employ NFTs to validate access and track rewards for venues and events.
Furthermore, the project claims that a flurry of new blockchain-powered video games would be released on the Stratis mainnet this year.
Stratis’ release also contained an update on the introduction of Great British Pound Token, a stablecoin linked to the British pound (GBPT).
“Plans to launch a Great British Pound Token (GBPT) stable coin using Stratis technology are progressing with ‘Stratis Investment Group Limited’, a new entity created that will be used for the Stratis GBP stable coin. Stratis is currently working with Price Waterhouse Coopers (PwC) to complete FCA Registration. We also expect this partnership to continue with PwC, whereby they provide auditing services for the GBPT stablecoin implementation.
With entities like Visa increasingly willing to accept stable coin payments, there’s a huge opportunity to simplify cross-border and wholesale payments using blockchain technology. We also expect more UK equities and securities to be digitally issued in the coming months and years. This will likely drive the need for these instruments to pay out to holders using a GBP-denominated crypto stablecoin like GBPS.”
At the time of writing, STRAX is trading at $0.92, up 13% on the day.